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How to Trade Bitcoin Part 1: Getting Ready to Trade
submitted by BTC_sx to BitcoinMarkets [link] [comments]
The first part of our bitcoin trading guide series explains the basics of bitcoin and trading terminology. Instructions are also provided for buying bitcoin and getting ready to trade on BTC.sx
. We originally produced the first part of this guide for our own traders to get started with our platform. However, after some really good feedback we thought we should share it publicly too. So please bear with us if it is quite orientated to our own platform. Future parts will be much more applicable to trading in general.
Here is what we have planned for the series:
1) Getting ready to trade (this post)
2) Making your first trade
- Fundamental analysis
- How to read a chart (candle sticks, volume, log vs linear scales)
- How to spot a trend (moving averages)
- How to open and close a position
3) Basics of technical analysis
- Assumptions / theory behind TA
- Classic support / resistance patterns e.g. head and shoulders
4) Advanced TA
- Elliot Waves
- Ichimoku Clouds
- Bollinger Bands
- Parabolic SAR
5) Developing a sustainable strategy
- Timing entry and exit points
- Managing multiple open positions
- Avoiding emotional trading
Please let us know if there are any topics you would like specifically covered and whether or not articles are the best format for learning.
Why should you listen to what we have to say?
Our CEO turned $100 into $200k by trading bitcoin, our COO previosuly worked at senior management level at Deutsche Bank and UBS, and one of our advisers has a Wall Street background as a Portfolio Manager and is a Chartered Market Technician. http://i.imgur.com/G06P306.png
This article begins with an overview of bitcoin, how to buy bitcoin and how to manage risk. The remainder of the article focuses on understanding trading terminology and creating a bitcoin trading account on BTC.sx
. What is bitcoin?
Bitcoin is a digital currency that uses encryption, rules of mathematics and a decentralized network to control the creation of more bitcoins and verify transactions. Bitcoin was designed to operate as ‘digital gold’ — it resembles a commodity but can be used as a currency. Bitcoin can be traded for fiat currency, like dollars or pounds, creating opportunities to profit from trading price fluctuations. http://i.imgur.com/hNnKxGE.png Why is bitcoin so volatile?
Compared to the price of gold, the price of bitcoin has exhibited much larger price swings. Typically the price of gold will change by just a few percent each week, but bitcoin’s price often changes by 10% or more — even in a ‘flat’ market.
Volatility is generally considered a good thing by bitcoin traders because it creates opportunities to buy lower and sell higher than flat markets.
The primary reason why bitcoin is volatile is because it has a small market cap and low trading volume. Market cap is the number of units (bitcoin here) in circulation multiplied by the value (bitcoin price here).
For example, bitcoin has a market cap of about $3 billion
vs $31 billion
for the a gold ETF (GLD is the most popular American gold investment vehicle). Additionally, the daily average trading volume for bitcoin is about $12 million
vs approximately $939 million
for the gold ETF.
The result of this small market cap and low trading volume is that less trading less money is required to make a large difference in supply and demand.
For instance, if a trader wants to buy $3 million worth of bitcoin this represents 33% of the daily trading volume and would push the price up approximately 14%, at the time of writing. However, buying $3 million worth of the gold ETF is just 0.3% of the daily trading volume and is nothing compared to the hundreds of millions of trades that influence gold’s price. http://i.imgur.com/NLtgVrX.png Further information
The information we have provided about bitcoin is only the bare essentials a trader needs to know. If you are completely new to bitcoin, also consider exploring these external resources: We Use Coins Bitcoin.org Bitcoin Wiki 2. How to Manage Risk Risk of buying bitcoin
As discussed above, bitcoin is an extremely volatile asset. Besides increasing in value, bitcoin’s price can also dramatically fall. When buying bitcoin, never invest more than you can afford to lose.
You cannot lose more than you put in, so don’t put in more than you can afford to lose and you’ll be all right, even in the most negative case. - Rpietila, Bitcoin and commodity investor Risk of trading bitcoin
Furthermore, investing more than one can afford to lose reduces a trader’s ability to make good decisions. In particular, there is a risk of ‘panic selling’ when the market declines slightly. Instead of holding throughout a market dip, someone who is over-invested may panic and sell-off their holdings for a low price — attempting to cut their losses. This tends to lead to losing more money when the market recovers and the trader buys back at a higher price. http://i.imgur.com/yrQbCsI.png
Simply, the best way to manage your risk is to not invest more than you can afford to lose. At BTC.sx
, losses cannot exceed your deposit — so simply make sure this is a comfortable amount for you to trade with. 3. Understand Basic Bitcoin Trading Terminology Trading
Trading is the act of buying, selling or exchanging one asset for another. Exchanging Bitcoin for US dollars, for instance, is trading. Position
A position is similar a trade, which can either be long (buying bitcoin) or short (selling bitcoin). Like a trade you profit from a long/buy position when the price rises; and you profit from a short/sell position when the price falls.
Unlike a trade, a position has an open and close. At BTC.sx
you begin by depositing bitcoin. Then you may acquire more bitcoin or US dollars by opening a position. When the position is closed you are left with just more or less bitcoin than the value deposited — this depends on how profitable your position was. Trading platform
A trading platform, like BTC.sx
, is a place where traders go to enter positions. Unlike an exchange, it is uncommon for to use platforms for exchanging one asset for another. Typically trading platforms also include more advanced features, such as leverage. Leverage http://i.imgur.com/Aik56aI.jpg
Leverage is borrowing assets for the purposes of increasing potential trading returns. This is also known as margin trading.
Trading with 10x leverage on BTC.sx
, allows you to deposit 1 bitcoin and trade with 10 bitcoins. When you are done trading (closing a position) you return the 10 bitcoin and keep any profits made.
For example, let’s say your trading has been going well and you are consistently making a 10% return each week. Trading with 1 bitcoin, your profit is 0.1 bitcoin. However, with 10 bitcoins your profit is 1 bitcoin — this is the power of leverage when used correctly.
Although leverage does also increase trading risk exposure, your losses can never exceed your deposit at BTC.sx
. Furthermore, your risk of an exchange failure is reduced because you are trading with 9 bitcoins that belong to BTC.sx and only 1 bitcoin of your own. Exchange
Unlike trading platforms, investors use exchanges to swap an asset for another. For example, Bitstamp allows investors to trade their local currency for Bitcoin, or vice versa. Exchanges are the main determinants of bitcoin’s price because they contain an order book.
At an exchange you can either be a market maker or a market taker. Market maker
A market maker sets the price they wish to buy or sell at and waits for a market taker who agrees to that price. Market taker
A market taker finds a market maker that is offering a desirable price and quantity then immediately trades with them. Order book
An order book is a list investors wanting to buy and sell an asset at specified quantities and prices. These are the market makers. Below is an annotated explanation of a bitcoin exchange order book. Picture the order book as a very hectic auction and the concept should be easier to understand. http://i.imgur.com/DuRYrnx.png Sell orders: “Asks”
This part of the order book lists the prices and quantities investors wish to sell bitcoin at. Here the cheapest seller is offering 2.3467 bitcoin at a price of $244.58. As these investors are asking for a price to sell at, these are called asks. Buy orders: “Bids”
This part of the order book lists the prices and quantities investors wish to buy bitcoin at. Here the most expensive buyer is willing to purchase 0.5 bitcoin at a price of $244.43. As these investors are bidding for a price to buy at, these are called bids. Current bitcoin price
This is the last price at which bitcoin was exchanged for US dollars. Given that buyers will fulfill the cheapest ask, and sellers will fulfill the most expensive bid, the price will always fall between the the cheapest ask and most expensive bid.
In this example, the price is $244.39 — the same as the most expensive bid. This means that the last bitcoin trade was a market taker selling to a market maker. This is also a demonstration of a seller always wanting to sell to the highest bidder. Order book depth
This depth graph visualizes the amount of asks and bids at various prices. The more bitcoins that are available at a price, the ‘deeper’ the graph is. Naturally, as sellers do not want to ask for cheap prices and buyers do not want to buy for expensive prices, the graph is normally shallow in the middle.
If the chart is one-sided, it suggests that the market may be feeling bullish or bearish. In the above example, a lot of investors want to sell at $245 which would make it difficult for the price to rise beyond that. Conversely, the shallow graph on the bid side shows not many people want to buy bitcoin at these prices. This is typical of a bearish market. Order book execution
An important feature of BTC.sx
is that the positions our users open/close make buys and sells on exchange order books. In practice, when our users click buy, US dollars is used to buy bitcoin from the order book bids. Conversely, when our users click sell, bitcoin is sold for US dollars from the order book asks. http://i.imgur.com/1Dk8G0t.jpg Why is this important?
Firstly, when you trade on BTC.sx
you do so with leverage. This means you can have a larger impact in the market and move the price in your favour. In the above example using just 1.3 bitcoin at 10x leverage would create buy 13 bitcoin from the asks. This helps drives the price up because now the cheapest ask is $244.61. If the market sees this as a bullish sign then others may follow, sparking a price rally.
Secondly, order book execution means that BTC.sx
does not trade against our users. Trading platforms that do not offer this execution are acting as market makers and stand to profit from their traders losing money. At BTC.sx
we want our traders to be profitable so they can keep trading.
*4. How to Buy Bitcoin *
As a bitcoin-only trading platform, BTC.sx
only accepts bitcoin deposits. This allows you to begin trading in minutes and without verifying your identity.
If you do not yet own any bitcoin there are a number of places that bitcoin can be bought from, including: Circle Coinbase LocalBitcoins Click here to see other ways to buy bitcoin in each region of the world.
To store your bitcoin you will also need a wallet, such as MultiBit
. 5. Create an Account on BTC.sx
Once you have bitcoin, you are ready to start trading. Head over to BTC.sx
to begin the registration process. 1. Click ‘Sign Up’ http://i.imgur.com/Fikj8Nd.png 2. Enter your details and read and agree with the terms of service http://i.imgur.com/AjnKzRY.png 3. Click on the email activation code http://i.imgur.com/lz5yBqK.png 4. Login to your account http://i.imgur.com/P6VJ0xm.png 5. Visit trade screen http://i.imgur.com/WjGockR.png 6. Send a deposit to BTC.sx
You are now one step away from being ready to trade bitcoin. All that is required is to send a deposit by following these instructions: 1. Click on ‘Deposit’ in the trading screen http://i.imgur.com/1TxpgUh.png 2. Send bitcoin to your wallet address http://i.imgur.com/cTZim5t.png
If you do not know how to send bitcoin please contact your wallet provider for assistance.
Conclusion** ** You should now be in a position where you understand the basics of bitcoin, trading terminology and have an account on BTC.sx
to begin trading.
In part 2 we will be covering fundamental analysis, the basics of technical analysis and how to make your first trade. Like us on Facebook
or follow us on Twitter
for future updates. If you have not yet signed up for an account on BTC.sx click here. The registration process takes just two minutes and does not require any identity verification documents
Does anybody else is curious about "the other place", the alternative bitcoin forum moderated by rpietila and Goat?
submitted by optionalis to Bitcoin [link] [comments]
I'm an American living in Finland. This was in the paper today
“Anonymous” - Comedy Gold Survey on Monero (XMR)
Testimonials submitted by coinaday to Buttcoin [link] [comments]
“Not enough trolling” - nanoakron
, XMR Contributor
“you are so obviously a shill” - ButtBazaar
, in comments on the ETH survey
“Wow.” - jstolfi
, in reply to the ETH survey Survey ID: 00002
Coin: Monero (XMR)
Monero is a leading privacy-oriented cryptocurrency. It was originally forked from Bytecoin which introduced Cryptonote, and whose launch was so bad they needed another chance to get it wrong. After their launch, they were a proving ground for Bytecoin exploits. Since then, Monero has become the leader in Cryptonote comedy gold, surpassing Bytecoin. Its future promises exciting drug market comedy gold, while the development team is a zoo of likely furries.
6 Top Comedy Gold Veins
A brief history of comedy gold in Monero
- Furry-based technical team - Lead developer “fluffypony”, with a team of “mooo”, “wolf”, “pigeons”. This basically speaks for itself. “Cryptocurrency is serious business, and it's a trickle down economy that starts with serious leadership who can bustle with the best Wall Street has to offer.”
- Slow development - Likely due to the amount of time spent yiffing, “nice-to-have” extras like a GUI take a while to be released. After more than two years since at least one possible design for multisig in Cryptonote (curiously enough, from a paper co-authored by Gmax), multisig is still not in Monero yet, although still in development.
- Launch issues - Launched because of complaints that the Bytecoin launch was unfair (i.e., not announced on Bitcointalk), Monero launched after about a week’s notice without an overabundance of communication from its founder. It released without 32-bit support, without a GUI, and without a mac client which according to BCT
trollscritics is functionally equivalent to a premine.
- Fenty - Monero is poised to take a commanding lead in the drug markets because of its combination of market share and stronger privacy commitment. Fent is known to be the leader in comedy gold potential for drug markets. Someday, there will be a major incident linked to a fent shipment arranged by a cryptocurrency. If that’s Monero, the fallout could be substantial.
- Bleeding Edge: Monero started out as a clonecoin, a relaunch of Bytecoin, the first CryptoNote coin. However, it is in a position which is I think unique, or at least quite rare: despite starting as the clone, it is now leading the original upstream in market cap. Further, as a result CryptoNote / Bytecoin exploits have been demonstrated first on Monero. Monero has also developed its codebase such that it could not directly import upstream easily like most clonecoins could. Like all of the bleeding edge cryptocurrencies, Monero may produce more comedy gold from bugs being exploited on the chain.
- 51% / miner attack: Monero has had at some points large concentration in mining. As with most if not all cryptocurrencies, this centralization can lead to miners having significant control over a coin. So far, there doesn’t seem to have been any direct impact on Monero from this, and there may not be any effect. But Bitcoin and Ethereum have both had issues relating to functional centralization in mining in one way or another. Monero could as well. If anything does develop here, the popcorn futures could be explosive.
There's an old proverb that says just about whatever you want it to. - Anonymous (from this page of anonymous quotes)
In the beginning there was Bytecoin. Of course, the original bytecoin was actually just a basic BTC clonecoin. And I think there was at least one other Bytecoin not the one we’re talking about here, since deceased as well. And when exactly this Bytecoin started is a matter of no little dispute. But, whenever it was, it was. By the time it was “discovered” and posted on BCT, about 80% of the total supply had been mined. Regardless of what exactly led to this, there were many in the cryptocurrency community on BCT who wanted a relaunch to use the tech without having to buy into the existing distribution.
Then came “bitMonero” (first reference BCT ANN). Launched on relatively short notice, with a de-optimized miner inherited from upstream, no mac client, without 32bit support, and without a GUI. The original developer of the bitMonero fork, thankful_for_today (TFT), supported the network through an initial bug inherited from upstream [ 1 ].
TFT disappears from the thread for a while, and some of the community pull together to make a sort of rebranding, changing to “Monero”, making a new ANN (second BCT ANN listed in references) and forming a new team to run the coin. In the meantime, TFT made another Cryptonote based coin, Fantomcoin, but TFT continued to try bitMonero development as well , before finally abandoning the attempt again.
And then the coin gets pretty boring. There’s a potentially serious issue revealed  which was inherited from Cryptonote and potentially even a deliberate backdoor left in, but the fix is in pretty quick and the ecosystem is small enough there’s not really an opportunity to exploit it further. While development is slow, the coin continues to work and move on.
The coin gets adopted on one of the darknet markets in 2016, and around the same period it sees a surge in market price. While there is potential for comedy gold fallout from this, there hasn’t been anything obvious so far that I’ve seen.
After wrapping up the ETH survey, I put up the new $5 survey special sign and settled in with a bottle of cheap vodka to contemplate deep questions like how I got here, where I’m going, and why the ground is swaying like that. By the time I woke up, the bottle was empty, but there was a $5 bill slipped under the door with a note which read “Monero?” After only a few short hours of pondering the note and where the vodka had gone, I knew what I had to do next.
A dark night in a world that never sleeps and knows how to keep its secrets...But on the 12th Floor of the Acme Building, one man is still trying to find the answers to life's persistent questions: Guy Noir,
drunken sotprivate comedy gold surveyor.
Thanks Narrator. Although I can do without the judgemental commentary.
At least I struck it out.
I’ll strike you out! But this is going even more off-course than usual. I should really make at least a token effort to do my job. So off I go to the furriest corner of cryptocurrency, and I ask the Monerons what they think their greatest weaknesses are. A rather clever move, if I do say so myself, as they’ll either do much of my job for me, or they’ll say they are entirely without fault and thus provide me with more fodder about how unselfaware they are!
They rather surprise me by providing solid responses, with only a rather token “we’re flawless!” attitude to be found. This actually makes my job somewhat harder, as now I have to try to figure out whether the seeming lack of major flaws is a result of such a biased “research” method, general laziness, or being co-opted by actually enjoying the community.
So I take the only logical route and go on a weeklong acid binge. At the end, I realize I’m an insignificant mote in an uncaring universe where humanity itself is an unnoticed blip. The futility of civilization and life itself is obvious. After some further reflection aided by bottles and pipes, as well as overdue bill notices, I realize that while all of this is true, none of it is relevant, and my foggy mind is further from any useful answers than when I started.
Disclosure of biases:
I was hired to write this article with $5 in BTC from jwinterm who is a participant in Monero. In the thread where I asked Monerons what their greatest weaknesses are, I learned a bit about their development process and decided I wanted to pitch my services to them. This has unquestionably made me biased. However, I did do my best to try to figure out where the critical flaw was to maximize the comedy gold yield. In coming up short, I’m not sure whether I’ve missed flaws or simply blinded myself to them.
I know there are additional paths to find more comedy gold. I should ask the Bytecoin community what they think of Monero. And DASH and etc. to try to find all of its critics. But this piece must stand as simply an initial survey and I must move on to my next step.
Footnotes / Other links
- [ 1 ] https://bitcointalk.org/index.php?topic=563821.msg6300701#msg6300701 - In the middle of the issue being resolved; after patched node has released the correct block including the transaction and before released onto git.
- [ 2 ] https://bitcointalk.org/index.php?topic=563821.msg6670214#msg6670214 - Monero has already split off in the sense of community split, but I believe these coins are still interchangeable as no hardforking change made in either.
- [ 3] https://lab.getmonero.org/pubs/MRL-0002.pdf - monero write-up on the sept 2014 bug
- [ ] https://bitcointalk.org/index.php?topic=740112 - thread by rethink-your-strategy discussing Cryptonote and the clonecoins based on it, basically rejecting all but Monero
- [ ] https://bitcointalk.org/index.php?topic=583449.msg6383284#msg6383284 - smooth’s criticism of one minute block times as having too high of an orphan rate.
- [ ] https://bitcointalk.org/index.php?topic=583449.msg6385879#msg6385879 - tacotime talks about possibly using GHOST to reduce centralization issues from 1 minute block times
- [ ] https://bitcointalk.org/index.php?topic=583449.msg6386102#msg6386102 - Amph “ninja launch with new algo” - need to find original ANN
- [ ] https://bitcointalk.org/index.php?topic=583449.msg6386156#msg6386156 - smooth says GHOST may make centralization worse, but faster transactions from 1 minute may be worth centralization
- [ ] https://bitcointalk.org/index.php?topic=583449.msg6386181#msg6386181 - links to original ann
- [ ] http://moneroblocks.info/search/1 - First block is about 17 XMR. ; mined April 18 2014
- [ ] https://bitcointalk.org/index.php?topic=563821.msg6146793#msg6146793 - first reply on original ann thread says 17 XMR block reward on April 9 2014
- [ ] https://bitcointalk.org/index.php?topic=563821.msg6147116#msg6147116 - states rationale for not using Bytecoin rather than Monero (presented as Bytecoin clonecoin at this point) as being “Also the fact that cryptonote/bytecoin was hidden deep for the last few years and was being mined by a "big" unknown community the fork would give people a fair start on this new technology.”
- [ ] https://bitcointalk.org/index.php?topic=563821.msg6147251#msg6147251 - smooth argues that the unit price will seem too high psychologically, like BTC, if XMR becomes popular
- [ ] https://bitcointalk.org/index.php?topic=563821.msg6192759#msg6192759 - fudbuster, “I would be thankful if you stopped creating shitcoins. Thanks!” - the high quality civil discourse BCT is known for
- [ ] https://bitcointalk.org/index.php?topic=563821.msg6237909#msg6237909 - smooth becomes skeptical Monero can overtake Bytecoin; proposes https://bitcointalk.org/index.php?topic=563972.0 instead: distribute everything based on BTC holdings
- [ ] https://bitcointalk.org/index.php?topic=563821.msg6239589#msg6239589 - says that BCN was hidden for two years and is already (April 15, 2014) 80% mined; notes OP is AWOL for 4 days
- [ ] https://bitcointalk.org/index.php?topic=563821.msg6240148#msg6240148 - Debate about whether BCN was hidden
- [ ] https://bitcointalk.org/index.php?topic=563821.msg6256385#msg6256385 - everything ready for launch on April 16, 2014
- [ ] https://bitcointalk.org/index.php?topic=563821.msg6265199#msg6265199 - slapper - worries that launch is being rushed into
- [ ] https://bitcointalk.org/index.php?topic=563821.msg6272532#msg6272532 eizh says launch is basically premine without Windows client
- [ ] https://bitcointalk.org/index.php?topic=563821.msg6272768#msg6272768 - thankful_for_today, “I will wait until somebody will help with windows and mac compilation.”
- [ ] https://bitcointalk.org/index.php?topic=563821.msg6272855#msg6272855 - Jaroco, “No windows wallet at launch = nerdy linux instamining coin! Postpone the launch till you have a windows wallet working, or this coin is not better than any other scam coin.”
- [ ] https://bitcointalk.org/index.php?topic=563821.msg6272876#msg6272876 - tacotime “trying to cross compile bytecoin right now”
- [ ] https://bitcointalk.org/index.php?topic=563821.msg6273054#msg6273054 - Jaroco, “If you want a successful anonymous coin without insider instaminer, you need also a gui wallet.” ; some people just want everything for nothing, don’t they? And yet, in the next comment, https://bitcointalk.org/index.php?topic=563821.msg6273074#msg6273074 , thankful_for_today agrees!
- [ ] https://bitcointalk.org/index.php?topic=563821.msg6273120#msg6273120 - thankful_for_today - “Current status: Everything works fine on Linux. We can launch as soon as Windows and Mac binaries will be ready. In order to make everything as fair as possible I move a launch time +12 hours. See updated original post.”
- [ ] https://bitcointalk.org/index.php?topic=563821.msg6274086#msg6274086 - slapper talking shit
- [ ] https://bitcointalk.org/index.php?topic=563821.msg6275044#msg6275044 - Points out no change by thankful_for_today in name despite complaints. Argues rushed without GUI and website, that launch without is tantamount to premine
- [ ] https://bitcointalk.org/index.php?topic=563821.msg6279341#msg6279341 - thankful_for_today, “We will start in few minutes.”
- [ ] https://bitcointalk.org/index.php?topic=563821.msg6279564#msg6279564 - height is 5; April 18, 2014 10:51 AM per BCT; this is the comment announcing the coin has been launched
- [ ] - https://bitcointalk.org/index.php?topic=563821.msg6279697#msg6279697 - lunokhod2, first response to launch, “This is bullshit. Does not compile on OSX. Though I can fix the malloc error (and the following error), the errors get increasing complex afterwards.”
- [ ] - https://bitcointalk.org/index.php?topic=563821.msg6281655#msg6281655 thankful_for_today, “Merged mining will be released next week.”, stated April 18, 2014
- [ ] https://bitcointalk.org/index.php?topic=563821.msg6286990#msg6286990 - Johnny Mnemonic, “There may be no pre-mine, but not a single step was taken to make this coin any more accessible than BCN. An easy GUI miner is super critical for early adoption, as is a cross-platform wallet that can be used out of the box. So now the only miners are the same few people willing to fuss around in the command line.”
- [ ] https://bitcointalk.org/index.php?topic=563821.msg6298987#msg6298987 - “Yeah -- it looks like a tx entered the network that violates client spend rule, and now it's in everyone's mempools” - blockchain stuck after about a day
- [ ] https://bitcointalk.org/index.php?topic=563821.msg6299232#msg6299232 - “Well, that was fun while it lasted.”
- [ ] https://bitcointalk.org/index.php?topic=563821.msg6300505#msg6300505 - “The problem is in block generation code. In one of last updates in Bytecoin there was a bug introduced: it calculates extra-size penalty the wrong way. As a result we see that a mined block isn't accepted by the network. I will consume the big transaction now into correct block. As soon as network accepts this block I will release new mining code to git.”
- [ ] https://bitcointalk.org/index.php?topic=563821.msg6300701#msg6300701 - “First notable event in the history of BMR.” ; whoo, that was fun. Can we go home now?
- [ ] https://www.reddit.com/Monero/comments/5dsqrf/jaxx_monero_integration_update_3/ - In which Jaxx takes its ball and goes home.
- [ ] http://www.coindesk.com/drugs-code-icos-moneros-long-road-blockchain-mainstream/ - Very good article talking about the history of Monero.
- [ ] https://www.reddit.com/Monero/comments/5ux5kp/hi_guys_im_doing_a_comedy_gold_survey_on_monero/ddy1ozq/ - references “one-and-a-half exploits (512 tx bug, and wallet xsrf)” ; look into further
- [ ] https://en.reddit.com/Monero/comments/4dnqh0/the_count_of_my_monero/ - Hilarious “Count Monero” story
- [ ] https://www.reddit.com/Monero/comments/5ux5kp/hi_guys_im_doing_a_comedy_gold_survey_on_monero/ddyd8hk/ - Fluffypony provides an overview of bugs to-date in Monero
- [ ] https://www.reddit.com/Monero/comments/5urn26/fbi_concerned_criminals_could_use_monero/ddwprnf/ - No multisig in monero yet?
- [ ] https://forum.cryptonote.org/viewtopic.php?f=7&t=270 - Cryptonote analysis of Sep 4th 2014 attack on Monero. (chain split temporarily; market trading halted; fixed)
- [ ] https://getmonero.org/knowledge-base/user-guides/ - user guides
- [ ] https://getmonero.org/knowledge-base/developer-guides/ - RPC documentation
- [ ] https://bitcointalk.org/index.php?topic=583449.msg6595581#msg6595581 - complaint about unclear leadership of the coin
- [ ] https://coinmarketcap.com/currencies/fantomcoin/ - Fantomcoin, merged mining cryptonote coin. Gets mentioned in BCT XMR thread since the cryptonote world is relatively small, with Bytecoin being the other one I know, and the reference implementation which isn’t actually a coin. (Subsequent to writing this learned about other ones, and learned Fantomcoin was created by TFT (original creator of BMR which was rebranded to XMR))
- [ ] https://bitcointalk.org/index.php?topic=583449.msg6595585#msg6595585 - Rias talking about a new optimized miner not yet released, calling it a premine; comment dated May 07, 2014
- [ ] https://bitcointalk.org/index.php?topic=583449.msg6596115#msg6596115 -
denialproof of Monero cabal; denial is proof
- [ ] https://news.ycombinator.com/item?id=7765455 - nullc on zerocash vs bytecoin; “(And come on, I'm not usually one to lean on authority— but you ought to believe /me/ when I say it's not copying Bitcoin and that it's doing something very useful and interesting for cryptographic privacy)”
- [ ] https://bitcointalk.org/index.php?topic=583449.msg6933417#msg6933417 - May 25th, 2014; tacotime announcing an update
- [ ] https://bitcointalk.org/index.php?topic=624223.0 - rpietila ‘s views on altcoins, and choosing XMR (MRO as he refers to it); https://bitcointalk.org/index.php?topic=583449.msg7109675#msg7109675 - his comment in the mainthread about it
- [ ] https://bitcointalk.org/index.php?topic=583449.msg7113730#msg7113730 - fluffypony talking about the history of the XMR logo as well as BTC’s for comparison; includes a nifty original Satoshi logo; June 03, 2014
- [ ] https://bitcointalk.org/index.php?topic=583449.msg7397962#msg7397962 - fluffypony noting wallet not “mempool aware” (not recognizing transactions not going through) as of June 19, 2014
- [ ] https://bitcointalk.org/index.php?topic=583449.msg7516238#msg7516238 - “set_log” apparently not documented yet
- [ ] https://bitcointalk.org/index.php?topic=665950.new#new - thread debating cryptonote coins; also mentions quazarcoin in the category in addition to BCN, XMR, and fantomcoin
- [ ] https://bitcointalk.org/index.php?topic=630547.0 - XC, XCurrency ANN; gets talked about in the XMR main thread on page 450. Apparently just CoinJoin; https://coinmarketcap.com/currencies/xcurrency ; https://bitcointalk.org/index.php?topic=583449.msg7707915#msg7707915
- [ ] https://bitcointalk.org/index.php?topic=583449.msg7708137#msg7708137 - fifth Monero Missive; July 6th, 2014
- [ ] https://bitcointalk.org/index.php?topic=583449.msg7709327#msg7709327 - In which Mumbles is impatient
- [ ] https://bitcointalk.org/index.php?topic=583449.msg7709546#msg7709546 - cyberdonger on unreasonable expectations
- [ ] https://bitcointalk.org/index.php?topic=583449.msg7864462#msg7864462 - Monero mascot
- [ ] https://downloads.getmonero.org/whitepaper_review.pdf - Cryptonote whitepaper review paid by Monero
- [ ] https://bitcointalk.org/index.php?topic=583449.msg7866776#msg7866776 - ideas guy is not implementation guy
- [ ] https://bitcointalk.org/index.php?topic=583449.msg8076078#msg8076078 - found the shibe
- [ ] https://bitcointalk.org/index.php?topic=583449.msg8080674#msg8080674 - comment listing a few mixing coins and asking for commentary on them
- [ ] https://bitcointalk.org/index.php?topic=583449.msg8504123#msg8504123 - Rpietila arguing that transaction fees should be higher to prevent blockchain bloat
- [ ] https://bitcointalk.org/index.php?topic=583449.msg8505243#msg8505243 - “This will ensure that the several hundred silly spammy tx's already in the mempool are kicked out by virtue of being silly.” ; fluffypony using technical jargon
- [ ] https://bitcointalk.org/index.php?topic=583449.msg8505468#msg8505468 - initial adoption
- [ ] https://bitcointalk.org/index.php?topic=583449.msg8670826#msg8670826 - reflecting the generally seen BCT thread shrinkage, comment on page 650 referring to page 666 in the past
- [ ] https://bitcointalk.org/index.php?topic=583449.msg8671217#msg8671217 - tacotime on Sept 4, 2014 talking about why the fork attempt seemed to be an expert
- [ ] https://bitcointalk.org/index.php?topic=577267.0 - Boolberry ANN ; another cryptonote coin periodically mentioned; https://coinmarketcap.com/currencies/boolberry/
- [ ] https://bitcointalk.org/index.php?topic=583449.14980 bookmark at page 750 in case computer crashes before I’m back from smoke break; actually an interesting page; all about talking about changing the emission rate and what is fundamental and unchangeable and who needs to approve changes. Very core cryptocurrency discussion.
- [ ] https://bitcointalk.org/index.php?topic=583449.msg9227223#msg9227223 - SFYL waiting to happen
- [ ] https://www.reddit.com/AskReddit/comments/5vexe9/coders_of_reddit_whats_an_example_of_really/ - thread just giving a comparison of industry technical debt
- [ ] https://bitcointalk.org/index.php?topic=583449.17980 - page 900
- [ ] https://www.reddit.com/Monero/comments/5vc394/monero_faq/ - monero FAQ thread
- [ ] https://bitcointalk.org/index.php?topic=583449.msg9766672#msg9766672 - quoting nullc about the importance of privacy
- [ ] https://bitcointalk.org/index.php?topic=583449.msg10045263#msg10045263 - discussion of multisig possibilities
- [ ] https://bitcointalk.org/index.php?topic=583449.msg10045788#msg10045788 - Jan 5th, 2015; tacotime links a paper co-authored by Gmax which talks about extending cryptonote with multisig.
- [ ] https://bitcointalk.org/index.php?topic=583449.msg10701392#msg10701392 - March 8th, 2015; unsourced reference to luke-jr predicting ring signatures in 2-3 years.
- [ ] https://bitcointalk.org/index.php?topic=583449.msg11021944#msg11021944 - Question about how to create burn addresses in Monero
- [ ] https://bitcointalk.org/index.php?topic=583449.msg11249457#msg11249457 - links to Monero Missives; http://getmonero.org/blog/tags/monero%20missives; reference for development news
- [ ] https://bitcointalk.org/index.php?topic=583449.msg11249472#msg11249472 - smooth talking about the purpose of the “db” changes (don’t require whole chain stored in RAM)
- [ ] https://bitcointalk.org/index.php?topic=583449.msg11252164#msg11252164 - while official GUI took longer, by May 1, 2015, there are already “unofficial” XMR GUI
- [ ] https://forum.getmonero.org/20/general-discussion/211/history-of-monero - history of the origin of Monero
- [ ] https://bitcointalk.org/index.php?topic=583449.msg11933034#msg11933034 - discussion of how BCN could prove it was started in 2012
- [ ] https://bitcointalk.org/index.php?topic=583449.25980 - Main thread at page 1300; pausing to play League of Teemo.
- [ ] https://bitcointalk.org/index.php?topic=563821.msg7384159#msg7384159 - TFT’s last stand, basically; calling for PR manager as way to beat Monero
- [ ] https://bitcointalk.org/index.php?topic=563821.msg7384760#msg7384760 - suggestion that TFT might be working for BCN.
- [ ] https://bitcointalk.org/index.php?topic=583449.msg12475957#msg12475957 - talking about funding documentation development work
- [ ] https://bitcointalk.org/index.php?topic=583449.msg14785207#msg14785207 - jwinterm doing basic stats on most common posters in thread
- [ ] https://bitcointalk.org/index.php?topic=583449.msg14792137#msg14792137 - monero is boring
5 Tips for Successful Bitcoin Trading
Our last post submitted by BTC_sx to BitcoinMarkets [link] [comments]
had a warm reception among the advanced traders here.
We felt like we should produce some help for the new traders too. At BTC.sx
we see a lot of traders lose money from simple mistakes that can be avoided. Armed with this insight and over 60 years of collective experience in finance, we have produced 5 tips that should be a big help to new traders. 5 Tips for Successful Bitcoin Trading Essential information you should know before placing your first trade
This post is aimed at those with very little knowledge of financial markets.
Bitcoin has encouraged many to take an interest in finance and allows easy access to financial exchanges. Consequently a large number of people are attempting to trade Bitcoin, without any prior trading experience.
we sometimes see traders make simple mistakes that could be avoided with a basic understanding about trading and investing.
Let’s take a look at the five most common mistakes new traders make and how to avoid them: 1. Do not invest more than you can afford to lose https://d262ilb51hltx0.cloudfront.net/max/800/1*dP87BcY7IMn9aIrwTT1ykg.jpeg
Any financial investment can produce losses, rather than returns. With a highly speculative investment, such as Bitcoin, there is a high chance that you can see very large gains or losses. By trading Bitcoin, there is also further scope to lose money from poor decision-making.
One should invest such an amount that they feel comfortable with losing completely — be prepared for the worst eventuality. There are two reasons for this.
Firstly, successful investors diversify their portfolio. Allocating too many funds to an asset class increases risk exposure. This makes it harder for gains in other assets to cover losses in another asset. You cannot lose more than you put in, so don’t put in more than you can afford to lose and you’ll be all right, even in the most negative case. - Rpietila
Secondly, investing more than one can afford to lose reduces an investor’s ability to make good decisions. In particular, there is a risk of ‘panic selling’ when the market declines slightly. Instead of holding throughout a market dip, one who is over-invested may panic and sell-off their holdings for a low price — attempting to cut their losses. This tends to lead to losing more money when the market recovers and the trader buys back at a higher price. 2. Set goals for each trade
Setting goals helps traders remain level-headed during periods of extreme volatility. This is highly important for Bitcoin trading. When placing a trade, determine what price to take profits or cut losses in advance.
The benefit of this is that it is easier to prevent trading decisions based purely on emotions. For example, a trader with no target price may make a profitable trade, become greedy, and then fail to realize their profits while the market is still on their side.
This chart shows the typical emotions an investor may go through and how they make it harder to ‘buy low and sell high’. https://d262ilb51hltx0.cloudfront.net/max/800/1*0tpcgBQ51awHWDhdPy2qUw.jpeg
The use of goals / price targets can prevent traders becoming greedy when experiencing euphoria and despondent after a market crash. 3. Learn how to read charts
Although technical analysis is a difficult skill to develop, new traders at a minimum should know the basics of chart reading to identify market trends.
The most widely used Bitcoin charting tool is Bitcoin Wisdom
. Despite looking overwhelming at first, it is actually very intuitive. Here are the basics a new trader should understand: Candlesticks
- these are the rectangles and lines that resemble a candlestick shape. They are used to show what the price has done within a chosen time interval, which in this example will be one day. https://d262ilb51hltx0.cloudfront.net/max/800/1*G7g3tvOz4XRcxFX9eZ4icg.png
Take a look at the candlestick highlighted by the blue box. There are several pieces of information we can gather from this single candlestick:
Opening price — this is the part of the rectangle that is horizontal to the candlestick to the left. On this day, the price opened at approximately $400 (which was the closing price of the day before).
Closing price — this is the part of the rectangle that is horizontal to the candlestick to the right. On this day, the price closed at approximately $378 (which was the opening price of the day after).
Price direction — as the closing price is less than the opening price, the price of Bitcoin fell, therefore the candlestick is red.
Highest price — the highest point of the stick shows that, during this day, the price reached approximately $407.
Lowest price — the lowest point of the stick shows that, during this day, the price fell to approximately $368.
Trading range — the difference between the highest price and the lowest price shows the range that the price was trading in. Order book
— this is a list of the prices and quantities traders are willing to buy and sell Bitcoin. https://d262ilb51hltx0.cloudfront.net/max/391/1*GmjoL5vhYY834J4w7vu7jg.png
The ‘asks’ (sell orders) are listed in the top half, and the ‘bids’ (buy orders) are the listed in bottom half. The difference between the lowest ask ($361.95) and highest bid ($360.95) is known as the ‘spread’.
The second section with the scroll bar shows live trades, which can be used to see what is happening in the market right now.
Lastly, Bitcoin Wisdom projects how the price may move based on the order book. This can be indicated by the green and red lines at the end of the chart.
How can a trader use this information? It allows short-term support and resistance levels to be identified quickly.
For example, if there is an order to sell 5,000 Bitcoin at $362, the price will have a lot of resistance at this level. This is because buyers will fullfil the cheapest sell order available to them and, given 5,000 Bitcoin is a huge quantity, this will be sufficient to satisfy buyers for a few days. It is only when this order has been fulfilled, there is potential for the price to move above $362.
It is worth watching the live trades and bids / asks being fulfilled to get a feel for how an exchange works. Keep in mind that a buyer will want to buy at the cheapest price for their desired quantity. So they will buy as much Bitcoin as possible at the cheapest price, and then the next cheapest price if the original ask contains an insufficient quantity of Bitcoin. It is this scenario that increases Bitcoin’s price — or decreases Bitcoin’s price in an opposite scenario. Logarithmic scales
— using just linear scales makes it difficult to track Bitcoin’s price over a longtime span. This is because linear scales have with Y Axis values of equidistant. This linear Y Axis is easily distorted by extreme values, which Bitcoin’s price is famous for recording.
In contrast, logarithmic scales have a Y Axis that changes values according orders of magnitude. This prevents chart distortion and can reveal hidden trends in Bitcoin’s price. Observe the difference below:
Linear Bitcoin chart: https://d262ilb51hltx0.cloudfront.net/max/1186/1*uU1WEvsAchNcdK8iGI2XJg.png
Logarithmic Bitcoin chart: https://d262ilb51hltx0.cloudfront.net/max/1177/1*t6JwI7xM_BBcZasWvGgmWg.png
The logarithmic chart has revealed another rally that was completely hidden on the linear chart. This is useful to assess the long-term trend of Bitcoin. 4. Do not set stop losses too low
A stop loss is an automatic trigger to liquidate your position if your losses reach a certain value — essentially stopping you from losing any more. They are a good tool to take advantage of.
However, at BTC.sx
we recommend that traders do not use a stop loss that is too small. Choosing 10:1 leverage means that your deposit is 1/10th of the position size. This deposit determines the stop price, the price at which a position can drop to until the deposit can no longer cover the position’s loss. At $200, the default stop will be $20 away (or 10% of $200). Anything less than the position’s default stop will increase the risk of a position closing out very quickly because of minor fluctuations in the price of Bitcoin.
Here as an example from the rally of Winter 2013 to demonstrate this: https://d262ilb51hltx0.cloudfront.net/max/1192/1*-T0MDCOxwXaUgf_XcvlOZA.png
In this hypothetical case, a trader with a default stop at 10:1 would have lost out on a huge rally. They bought-in at the right time, but because their stop loss was set too low, their Bitcoin were automatically sold at a loss during a minor fluctuation.
It is important to note that lower leverage options result in a larger stop and as a result is considered a much safer way of exploring the basics of trading. 5. Close unprofitable & leveraged positions within 24 hours
Leverage is borrowing or lending an asset in hope that it appreciates or depreciates, respectively. At BTC.sx, we give traders the ability to enter long (buy) or short (sell) positions with 2:1, 5:1 or 10:1 leverage.
If a trader shorted 1 Bitcoin at 5:1 leverage, for example, the total investment is 6 Bitcoin. To make a profit the price must fall, allowing the owner to reclaim ownership at a lower price.
However, the price of a Bitcoin must fall sufficiently to cover the trading fee and the interest fee charged on borrowing the 5 Bitcoin. Do not fear if this sounds complicated! We have integrated a breakeven calculator into our trading interface to automatically show what price movement is required to return a profit.
Our daily interest charge is applicable up-front for every 24 hour period with the first 24 hours being free. Thereafter a trader must ensure that there is sufficient balance in their account to cover the cost and ensure the position remains open for each subsequent 24 hour period. In the foreign exchange trading markets, this is referred to as Rolling Spot FX
. As the Bitcoin market is volatile, it can be hard to make a daily profit when the price is prone to change direction quickly.
Put simply, we recommend that inexperienced traders close unprofitable positions within 24 hours to avoid paying re-occurring interest. Summary
We hope this post has been informative. The key takeaways from this post are:
Do not invest more than you can afford to lose
Set goals and target prices for each trade
Learn how to read charts
Do not set stop losses under $20
Do not keep unprofitable positions open for longer than 24 hours If you feel ready to trade your first Bitcoin, click here to use our trading platform
3600 coins mined per day. Even at 250 each, that's $900,000 worth of coins being awarded every day.
submitted by slowmoon to Buttcoin [link] [comments]
Where is this money supposed to come from? Seriously, where? Tim Draper? China? Kenya? Are bitcoiners just hoping that miners all hold hands and agree not to sell? This thing cannot continue at this price. Speculators are holding this thing up and just letting themselves get dumped on everyday like waves hitting the beach in the hopes of a big payday.
- There are only about 340,000 people on this planet who own more than 0.1 bitcoin according to rpietila's research: https://bitcointalk.org/index.php?topic=316297.0
- Most of them are broke.
- Judging by /bitcoin and bitcointalk.org stats, new users are not exactly flooding into the space.
- Miners are selling a significant portion of those 3600 coins
- Merchants who accept bitcoin are selling a significant portion of coins that are spent. Those coins are not all being replaced.
is (a significant portion of) $900,000 per day supposed to come from? I'm not seeing it. Is there even an argument?
The Monero Missives (weekly report) - July 6th, 2014
Original post is here Monero Missives July 6th, 2014 submitted by fluffyponyza to Monero [link] [comments]
Hello, and welcome to our fifth Monero Missive! Major Updates
- fluffypony had a great time discussing Monero at the Bitcoin Supernode Conference in Estonia. Many thanks to rpietila for hosting him and all attendees.
- Work on the academic peer review of the CryptoNote whitepaper is slowly starting to move away from an academic platform and on to the code itself, to determine whether the reference implementation correctly implements the whitepaper. Before that happens, though, a summary of the initial findings will be published. We are expecting this to be completed this coming week.
- Transaction auto-splitting is now in the main codebase. To explain our methodology: the main github repo will always be "active development", and may contain code that will be reverted or is not fully tested. For those that are brave and want to test and contribute to development, it is the ideal starting point. However, on an ongoing basis we are going to create tagged releases, whereby when a group of new features have been fully tested, a new release can be tagged, and binaries can be put out (along with the code on the github tag, of course). Expect this change to start taking effect within the next 4 weeks.
- We'd like to apologise for not finalise the GUI bounty - everyone has been a little scattered this week. We will resolve this in its entirety within the next 48 hours!
Core: daemonizing changes are ready for testing: https://github.com/mikezackles/bitmonero/tree/daemonize
Core: rpcwallet is ready for testing: https://github.com/tewinget/bitmonero/tree/rpcwallet
This Missive is a little light on major updates (well, we can't have something major every week;) primarily because there has been lots of plotting and planning this week. As always: you can keep up to date with the nitty-gritty on IRC in #monero-dev on Freenode if you're interested.
Until next week!
rpietila's Bitcoin public diary. a guest Apr 23rd, 2013 191 Never Not a member of Pastebin yet? Sign Up, it unlocks many cool features! raw download clone embed report print text 4.12 KB First Class Bitcoin Supernode - Sovereign ability to run, manage and develop the Bitcoin network in absence of any other entities. - 24/7 monitoring, technical, and trading ability, connections with most ... -Rpietila, Bitcoin and commodity investor. Risk of trading bitcoin. Furthermore, investing more than one can afford to lose reduces a trader’s ability to make good decisions. In particular ... use the following search parameters to narrow your results: subreddit:subreddit find submissions in "subreddit" author:username find submissions by "username" site:example.com find submissions from "example.com" –Rpietila, Bitcoin and commodity investor. See the patterns of top 5 currencies by marketcap and select the one which has experienced some price dip in last 7 days. Check out the current market price and place multiple small orders at different price gaps. So, if the asset is trading at Rs. 1000, then place limit orders at 2%, 5% and 10% below the current price. Once the limit order is set ... – Rpietila, Bitcoin and item investor. Second, trading higher amounts than one may actually afford to drop decreases an traders capability to make great choices. Specifically, there exists a danger of panic-selling when industry drops somewhat. As an alternative to keeping through the duration of an industry drop, a person who has ended-spent might stress and sell off their properties to get ...